Presentation to Glasgow Entrepreneurs, February 2010

1. Using Your “Sat Nav”!
“Sat Nav”!
for
GLASGOW
entrepreneurs
17 February 2010
Gordon JH Mowat CA
aspire management services
Creating Sustainable Success for Business Owners
t: 0800 055 6343
e: info@aspiremanagement.co.uk
w: www.aspiremanagement.co.uk

2. What We’ll Cover:
• Why do we start up?
• Why do we fail?
• Some suggestions about what to do about it
– Setting your Direction and Planning
– Marketing
– Team
aspire management services
Creating Sustainable Success for Business Owners

3. Why Do We Start Up?
• Had a great idea …
• Made Redundant …
• Get a rush from achievement/success …
• Disliked working for a Madman …
• Can do it Better than Boss …
• Tired of someone else living off our hard work …
aspire management services
Creating Sustainable Success for Business Owners

4. Why Do We Fail?
• Money?
• Poor Product/Service?
• Poor Team?
• Poor Service?
• Competition?
• Government?
• Banks?
• Anyone Else we can try to BLAME?
• POOR FOCUS AND SENSE OF DIRECTION
aspire management services
Creating Sustainable Success for Business Owners

5. Harvard Study …
• Conclusions?
– Set Your Business Direction …
– Write it Down!
– Be PASSIONATE about it!
– Stick to it
– Get your team participating
– Negotiate the Obstacles – don’t give up!
– Learn from Mistakes, just don’t repeat them!
aspire management services
Creating Sustainable Success for Business Owners

6. Setting Business Direction 1 …
Planning the Work …
SUCCESSFUL BUSINESS DIRECTION – YOUR
SUCCESSFUL BUSINESS DIRECTION – YOUR SAT NAV
VISION, &
Rules of 100 Years
1
1 "Guiding Star"
the Game
2 10 Years -
2 MISSION SMART Goals
1 Year -
3
3 Operating Plan Quarterly
Reviews
Team Meetings, Staff
Annual 1 Year -
4
4 Targets & Personal Monthly
Development, KPIs, Job Budget Reviews
Descriptions, Appraisals
aspire management services
Creating Sustainable Success for Business Owners

7. Setting Business Direction 2 …
… then Working the Plan
Prepare/
Planning Process
Review
Mission Prepare
Annual
Plan
Q1 Q2 Q3 Q4
Input from 90 Day 90 Day 90 Day 90 Day
Plan Plan Plan Plan
Coach, Team,
Other Advisors,
Etc.
Your Your Your Your
Weekly Weekly Weekly Weekly
Actions Actions Actions Actions
aspire management services
Creating Sustainable Success for Business Owners

8. Setting Business Direction …
Operating Plan
SWOTT
SWOTT
Analysis
Analysis
Review of
Review of Marketing
Marketing
Previous Op Plan
Previous Op Plan Plan
Plan
OPERATING
OPERATING
PLAN
PLAN
Staff
Staff Cashflow/
Cashflow/
Plan
Plan Investment/Resources
Investment/Resources Funding
Funding
Plan
Plan
aspire management services
Creating Sustainable Success for Business Owners

9. Setting Business Direction 3 …
Our Formula for RESULTS
(P x E) x T = R
P = Planning
E = Execution
T = Trust
R = Results
aspire management services
Creating Sustainable Success for Business Owners

10. Marketing –
The Entrepreneurs’ View ...
Sales and Marketing is an ...
For every £1 spent, more £1s should
come back in ...
Why does that seem to work for some
businesses and not for others ... ?
aspire management services
Creating Sustainable Success for Business Owners

11. Because entrepreneurs carry out 2
key things in business, don’t we … ?
aspire management services
Creating Sustainable Success for Business Owners

12. Two sides to marketing ...
• If you invested £3,000 on • If your 10 clients spent
advertising and got 10 £1,000 per year each with
new clients … you for 6 years …
• You paid £300 each • That’s £60,000 to you!
• How can we reduce that? • How can we increase that?
aspire management services
Creating Sustainable Success for Business Owners

13. Want More Sales ... ?
Generate Leads
x
Conversion Rate
=
No. of Clients
x
No. of Transactions
x
Ave. Sales Value
=
Sales Income
x
Margin
=
aspire management services
Creating Sustainable Success for Business Owners
PROFIT

14. Marketing – Other Points …
• Try out lots of different ideas in a small way
• Measure their effectiveness
• Refine/Drop
• NetWORK (not Net-sit or Net-eat!)
• Online Networking
• Follow up who you meet with 1-2-1s and grow good
relationships.
• Have a Referrals Strategy, and this is NOT trusting in
hope!
aspire management services
Creating Sustainable Success for Business Owners

15. The Cycle of Business ...
aspire management services
Creating Sustainable Success for Business Owners

16. Build a Great Team …
1. Provide Strong Leadership – be prepared to make tough
decisions quickly
2. Have a clear, passionate Common Goal, or VISION
3. Set out the Rules of the Game, or Culture
4. Have a clear Action Plan with SMART Objectives
5. Encourage Decision Making
6. Ensure you get the team involved and participating –
“bacon and eggs”
7. Provide good Job Descriptions
8. Run regular Appraisals, agree higher Targets for next one
and provide support if needed – see Sample
9. Keep training the Team and growing their comfort zones
aspire management services
Creating Sustainable Success for Business Owners

17. Some Final Ideas …
• Surround yourself with people you trust and admire.
• Ask for advice and help regularly.
• Read good, relevant books, and put suggestions into
practice.
• Attend events such as this one.
• Review progress regularly, don’t be distracted by trivia, or
diverted by obstacles.
• Help others.
• Have fun, reflect on your journey and relish and celebrate
what you are achieving.
• Keep well, eat well, keep fit, have good ways to switch off.
• Keep going!
aspire management services
Creating Sustainable Success for Business Owners

18. Recap, Questions, Answers …
• Sat Nav – Remember to Input your DIRECTION
• Marketing – Measure each campaign success!
• Team – encourage, train and don’t get in the way
• Happy to email slides – please give me your business card
• Seminars - if enough of you are interested I’m happy to run 5-6
seminars expanding on these areas at a very minimal investment
• Website Resource - complimentary downloads at
www.aspiremanagement.co.uk
– Vision Building, by Collins & Porras
– Sample Job Description and Appraisal System
– Cash flow model
– Improve your debt collection
aspire management services
Creating Sustainable Success for Business Owners